Deerfield Closes $840 Million Healthcare Venture Fund
NEW YORK--(BUSINESS WIRE)--Apr 6, 2020--
Deerfield Management Company, L.P. today announced the closing of the Deerfield Healthcare Innovations Fund ll, L.P., which will invest in advancements in science that may lead to important therapeutic interventions and back new technologies and infrastructure to improve the way healthcare is delivered to patients.
“Now more than ever, these unprecedented times underscore the importance of supporting the critical work of our nation’s scientists and healthcare systems,” said James E. Flynn, managing partner of Deerfield. “Our uniquely supportive model allows us to provide leverage to innovative companies and accelerate the benefit to patients.”
The Healthcare Innovations Fund II will collaborate with more than 15 leading academic institutions to seed novel scientific research. The Fund also has access to innovative medtech incubators created in partnership with two medical device industry leaders.
The Cure, the recently announced innovation campus located at 345 Park Avenue South, will become the central location of Deerfield where much of the work of the Healthcare Innovation Fund II will take place. Many of the early-stage companies will utilize the Cure’s wet and dry labs, engineering, computing and shared resource spaces.
The companies will also benefit from on-site programming, including the Fellows Program, Break into the Boardroom and Women in Science. Newly curated programs to be featured involve the “Cure Lounge,” a thought leadership and executive club, and other educational and certification initiatives.
The Deerfield Healthcare Innovations Fund ll is supported by the entire Deerfield infrastructure. Deerfield has been investing in and supporting the healthcare industry for more than 25 years, and partner companies benefit from its organizational capabilities.
Today, Deerfield has more than 130 experienced healthcare-focused professionals with specialized knowledge in medicine, life sciences, drug and medical device development, healthcare markets, public policy, value-based care, financial instruments, tax, accounting, operations, corporate strategy, market access research, marketing, biostatistics and sector dynamics, all of which can be leveraged by its partners.
Together, Deerfield team members fully fund and manage the Deerfield Foundation, which to date has committed or invested over $49 million to global organizations seeking to improve the delivery of healthcare, with a focus on underserved children. The Deerfield Foundation recently committed approximately 10 percent of its 2020 fiscal budget toward COVID-19 emergency funding to organizations in need of urgent resources in order to provide care to their communities.
Deerfield is a healthcare investment management firm committed to advancing healthcare through investment, information and philanthropy.
View source version on businesswire.com:https://www.businesswire.com/news/home/20200406005042/en/
CONTACT: Deerfield Management
Karen Heidelberger, 212-692-7140
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: SCIENCE OTHER SCIENCE BIOTECHNOLOGY RESEARCH PHARMACEUTICAL FINANCE HEALTH PROFESSIONAL SERVICES
SOURCE: Deerfield Management Company, L.P.
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PUB: 04/06/2020 09:15 AM/DISC: 04/06/2020 09:15 AM